The Indian government is aiming at bolstering transparency along with accountability in the Indian startup ecosystem. Last week, Science and Technology Minister, Jitendra Singh, announced the setting up a new mechanism in place. The government is introducing a comprehensive oversight mechanism which will monitor the progress and utilization of funds provided to startups by the Indian government.
Commenting on this, Jitendra Singh said, “Such a mechanism will continuously monitor the development of startups and look for ways to keep them going so that they do not suffer, especially those who have received financial and technical help from the government.”
He further added, “One is age factor, I have seen a scientist setting up a startup after retirement, second is higher qualification, you just need to be an innovator, having an inherent quest for creativity.”
With the immense potential of startups in driving innovation, economic growth, and job creation, the government is actively backing startups via schemes and funding initiatives.
In this new oversight mechanism, a dedicated body will be formed which will closely monitor the utilization of funds by startups and assess their performance. The idea behind this initiative is to make sure that public funds are utilized effectively and that the startups are making tangible progress.
Under this new oversight mechanism in place, it will function as an independent authority, equipped with the necessary resources and expertise to evaluate the startups’ financial management, operational efficiency, and overall performance. This independent body will also help and guide startups incase needed.
The monitoring of funds will play a crucial role in providing startups with valuable feedback, mentoring, and guidance, thereby enhancing their chances of success. It will be beneficial for startups which can help them improve their strategies and overcome challenges.
